Kiwoom Securities has revealed that over 18,000 compensation complaints have been received due to a computer outage that occurred in April. It is reported that Kiwoom Securities has completed compensation for most of the complaints received.
On the 15th, according to materials submitted by the Financial Supervisory Service to Kim Sang-hoon, a member of the People Power Party's National Policy Committee, a total of 18,305 complaints were filed due to a computer error in Kiwoom Securities' mobile trading system (MTS) and home trading system (HTS) over two days from April 3 to 4.
As of the 30th of last month, 17,792 cases (97%) have been completed, and the remaining complaints are being processed sequentially according to Kiwoom Securities' internal compensation regulations.
The Financial Supervisory Service (FSS) noted, "An increase in order corrections and cancellations compared to usual caused delays in the transaction execution system," adding, "We completed on-site inspections on May 16 and are currently reviewing violations of Article 21 (obligation to ensure safety) of the Electronic Financial Transactions Act and the level of sanctions."
The Financial Supervisory Service (FSS) reported that Kiwoom Securities plans to conduct sufficient testing when changing its programs in the future and strengthen technical and managerial control procedures to prepare measures to prevent recurrence.